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6 minute read Published on Mar 16, 2021 by BrokerLink Communications
For some, handbags are just accessories. For others, it’s a valuable item you take everywhere, to hold your most important things. In the past, collecting handbags wasn’t considered a real hobby or passion. However, handbags are known to appreciate in value if properly cared for.
Luxury handbags are becoming increasingly popular. They can be worth thousands of dollars, and the value of the contents inside such as your ID and credit cards can be quite significant if lost or stolen. As such, they are commonly targeted by thieves. That’s why many people are choosing to insure their luxury handbag collections.
No matter what you collect, there are ways to protect your valuable items. We encourage you to speak with your broker as they will be able to work with the best insurance company for your specific requirements. It’s better to know what you have coverage for and be prepared before worst case scenarios happen.
At BrokerLink, we work with many customers. Whether you own one designer handbag or have an entire collection, every situation is unique. Some of the benefits of insuring your luxury handbag include:
If you experience a theft, the contents stored in your handbag may be covered under your personal insurance. As a result, it may be subject to a deductible amount. Be sure to ask your broker what’s included and what’s not under your policy.
Insurance on luxury or collectible items is beneficial to have in the event of theft, fire or water damage. While we hope none of those things happen, it’s always better to be prepared ahead of time.
We always encourage you to talk with your BrokerLink advisor about any policies or collectibles you have. They will be able to work with insurance companies to determine the best solution for your needs. There are typically two ways you can go about insuring a high-end item:
It’s important to keep in mind that any extra protection to insure your luxury goods may increase your payments, but your broker will be able to explain in detail how your policy will work if this is the direction you take.
Whether you purchase a luxury item overseas, buy directly from the brand or purchase it pre-loved, there are many points to considerer, including:
If protecting your luxury handbags through insurance is something you’d like to do, it’s important to keep your broker informed. Insurance companies want to make sure your items were legally acquired, so keeping records will be helpful.
Your broker will typically ask you for the items mentioned in the above list, but there may also be additional pieces of information they will need. It’s also a good idea to send pictures, serial numbers and any other details over to them so they can store it under your policy in the event of a theft or damage.
According to a recent Forbes article, handbags are becoming a better investment than art. If you’re reading this article, you probably want to protect your luxury handbag collection. Here are some tips for taking care of your designer pieces:
Not only is your handbag a fashion statement, everyday it carries your very important items. It’s best to seek professional help on how to get the right coverage for your valuable bits and pieces.
Consult with an experienced insurance broker from BrokerLink to get the right coverage for your needs. We’ll make buying insurance easier by showing you the best options available and helping you find the perfect policy at a great price. Contact us today!
They can be, but there are limits. As described in our article above, handbags can be covered multiple ways. It’s best to consult your licensed broker as they will be able to learn about your needs and wants. Based on your unique situation, a broker will guide you on your options at the best rates.
Most insurance policies do not cover wear and tear. Handbags will naturally age with time and how often you use them. Many luxury handbags are made with various leathers, so this alone will age from your skin’s natural oils, the sun and other conditions. Insurance offers protection should something beyond your control impact your possession such as water, fire or theft. Each policy will differ, so be sure to discuss your expectations with your broker as they will better assist you in finding the right coverage to meet your needs. Your broker will be able to reach out to insurance companies and will provide you with an overview of what’s available and at what costs.
Some policies will cover only the luxury handbag where as others will actually cover some of the items inside too. The amount of coverage you have will vary by policy and insurer. That’s why it’s important to talk with your insurance broker to learn about your coverage options. Our licensed brokers at BrokerLink will break down the insurance terms for you, so you’ll know exactly what you’re getting.